By Charles Okonji
Cadbury Nigeria Plc has declared revenue growth of ₦59.2 billion has been declared by
The revenue growth recorded was said to be a turnover for the nine-month period ended 30 September 2023, which depicts an increase of 39 percent over N42.54billion recorded in the same period in 2022.
This followed the approval of the unaudited financial statements of by the Company’s Board of Directors.
Cadbury’s gross profit soared by 95 percent from N8.4 billion in 2022, to N16.31billion in 2023, while its operating profit for the period under review, rose by 191 percent from N3.3billion to N9.65billion.
According to the statement issued by the Company’s Managing Director, Oyeyimika Adeboye, the impressive performance to effective execution of sales and marketing activities and implementation of pricing actions required to cover rising cost of goods sold.
The statement also noted that the continued devaluation of the Naira, FX scarcity, and rising inflation remain a major issue resulting in margin erosion driven by the higher cost of manufacturing.
“Further, consumer purchasing power remains significantly impacted as the business noted slower consumer footfall impacting all its categories. All these, the statement added, significantly impacted the Company’s operating profit of N9.65billion recorded in the period under review.
“Despite these challenges that have severely hampered manufacturers, we remain committed to Nigeria and will keep exploring strategies to keep afloat in a turbulent operating environment,” Adeboye said.
